STEJO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
STEJO
Largest movements
- Cash +€118,335
up €118,335 (+21.2%), from €558,675 to €677,010
mainly Net result for the year (+€211,368) and Current investments (+€100,000)
- Receivables within one year +€101,105
up €101,105 (+109.6%), from €92,248 to €193,353
of which Other amounts receivable: +€62,970
- Current investments -€100,000
down €100,000 (-82.2%), from €121,679 to €21,679
- Tangible fixed assets +€85,459
up €85,459 (+11.8%), from €723,652 to €809,111
of which Land and buildings: +€44,552
- Financial fixed assets +€35,000
up €35,000 (+190.1%), from €18,414 to €53,414
- Reserves +€211,368
up €211,368 (+19.5%), from €1.1m to €1.3m
of which Distributable reserves: +€211,368
- Tax, wage and social debts +€44,983
up €44,983 (+329.2%), from €13,665 to €58,649
of which Taxes: +€44,983
- Debts after one year -€40,432
down €40,432 (-11.0%), from €366,077 to €325,645
- Gross operating margin +€83,873
up €83,873 (+28.2%), from €296,916 to €380,789
- Taxes +€33,075
up €33,075 (+52.9%), from €62,480 to €95,556
- Other operating charges +€6,461
up €6,461 (+27.5%), from €23,475 to €29,937
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,543,606 | €1,768,088 | +€224,482 | +14.5% |
| Fixed assets | 21/28 | €742,066 | €862,525 | +€120,459 | +16.2% |
| Tangible fixed assets | 22/27 | €723,652 | €809,111 | +€85,459 | +11.8% |
| Land and buildings | 22 | €703,289 | €747,841 | +€44,552 | +6.3% |
| Plant, machinery and equipment | 23 | €9,957 | €28,434 | +€18,477 | +185.6% |
| Furniture and vehicles | 24 | €10,406 | €9,986 | -€421 | -4.0% |
| Assets under construction and advance payments | 27 | - | €22,850 | +€22,850 | |
| Financial fixed assets | 28 | €18,414 | €53,414 | +€35,000 | +190.1% |
| Current assets | 29/58 | €801,541 | €905,564 | +€104,023 | +13.0% |
| Amounts receivable within one year | 40/41 | €92,248 | €193,353 | +€101,105 | +109.6% |
| Trade receivables | 40 | €26,333 | €64,468 | +€38,135 | +144.8% |
| Other amounts receivable | 41 | €65,915 | €128,885 | +€62,970 | +95.5% |
| Current investments | 50/53 | €121,679 | €21,679 | -€100,000 | -82.2% |
| Cash at bank and in hand | 54/58 | €558,675 | €677,010 | +€118,335 | +21.2% |
| Deferred charges and accrued income | 490/1 | €28,939 | €13,521 | -€15,418 | -53.3% |
| Total equity and liabilities | 10/49 | €1,543,606 | €1,768,088 | +€224,482 | +14.5% |
| Equity | 10/15 | €1,103,007 | €1,314,375 | +€211,368 | +19.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,084,407 | €1,295,775 | +€211,368 | +19.5% |
| Tax-exempt reserves | 132 | €176,820 | €176,820 | = | 0.0% |
| Distributable reserves | 133 | €907,587 | €1,118,955 | +€211,368 | +23.3% |
| Amounts payable | 17/49 | €440,599 | €453,713 | +€13,114 | +3.0% |
| Amounts payable after more than one year | 17 | €366,077 | €325,645 | -€40,432 | -11.0% |
| Financial debts | 170/4 | €366,077 | €325,645 | -€40,432 | -11.0% |
| Amounts payable within one year | 42/48 | €65,522 | €118,678 | +€53,156 | +81.1% |
| Current portion of amounts payable after more than one year | 42 | €39,186 | €40,432 | +€1,246 | +3.2% |
| Trade debts | 44 | €5,171 | €11,717 | +€6,547 | +126.6% |
| Suppliers | 440/4 | €5,171 | €11,717 | +€6,547 | +126.6% |
| Taxes, remuneration and social security | 45 | €13,665 | €58,649 | +€44,983 | +329.2% |
| Taxes | 450/3 | €10,687 | €55,670 | +€44,983 | +420.9% |
| Remuneration and social security | 454/9 | €2,978 | €2,978 | = | 0.0% |
| Other amounts payable | 47/48 | €7,500 | €7,880 | +€380 | +5.1% |
| Accrued charges and deferred income | 492/3 | €9,000 | €9,390 | +€390 | +4.3% |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,519 | €37,932 | +€3,413 | +9.9% |
| Other operating charges | 640/8 | €23,475 | €29,937 | +€6,461 | +27.5% |
| Gross operating margin | 9900 | €296,916 | €380,789 | +€83,873 | +28.2% |
| Operating profit (loss) | 9901 | €238,922 | €312,921 | +€73,999 | +31.0% |
| Financial income | 75/76B | €3,330 | €7,044 | +€3,714 | +111.6% |
| Recurring financial income | 75 | €3,330 | €7,044 | +€3,714 | +111.6% |
| Financial charges | 65/66B | €14,234 | €13,041 | -€1,193 | -8.4% |
| Recurring financial charges | 65 | €14,234 | €13,041 | -€1,193 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €228,017 | €306,924 | +€78,906 | +34.6% |
| Income taxes | 67/77 | €62,480 | €95,556 | +€33,075 | +52.9% |
| Profit (loss) for the period | 9904 | €165,537 | €211,368 | +€45,831 | +27.7% |
| Transfer to tax-exempt reserves | 689 | €92,620 | - | -€92,620 | |
| Profit (loss) for the period to be appropriated | 9905 | €72,917 | €211,368 | +€138,451 | +189.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.